June 2018 Newsletter Cylchlythyr Misol Mehefin 2018
Workers in the “Gig economy” who work primarily or exclusively for one company are now more likely to be classed as employed rather than self employed following the recent decision of the Supreme Court against Pimlico Plumbers. For employers this means higher costs of national Insurance, sick and holiday pay. It gives more security to many workers but they will pay more tax as they will be unable to claim some costs if they are classed as employees. It appears likely that this will apply across many more sectors in the future.
With a good number of 2017-2018 tax returns completed, the main trend is for substantial underpayments or overpayments arising for individuals receiving PAYE from more than one source.
Interest rates for savers appear to be rising and as an example NSI are offering 1.5% for a guaranteed 1 year bond, 1.95% for 3 years.
Many individuals invest substantial sums of money online. Ensure that there is some paper record of these investments in case you are unable to remember your passwords or have a serious accident. All large financial institutions have some “orphaned assets” which are not claimed by their original owners and this risk is increased for online accounts which are known only to the account holder.
One common continuing trend is clients receiving scam E Mails supposedly from HMRC offering a tax rebate of hundreds of pounds. In reality they want your bank details. Remain scam aware and use your common sense.
What happens if an original will is lost? This can cause difficulties at probate. If there is a photocopy of the will, in a recent case, the remaining partner had to sign an oath certifying this was a true copy. This was accepted by the Probate Office but it caused additional distress.
Where there is no will, the assets are distributed under the rules of intestacy and I will cover this in further detail next month.
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